Telstra's Narrow Moat Rating Reiterated

Telstra's performance during and since the depth of covid-19 demonstrates the resilience of its earnings and the strength of its balance sheet, especially given the negative impact on high-margin roaming revenue was material during the pandemic. The AUD 2.7 billion cost-out program under T22 has been delivered and management is now focused on hitting the AUD 500 million cost reduction target under the T25 plan.